RADIO

Housing, debt & shortages: YOUR economic questions answered

Is now a smart time to buy a house? Is paying off all your debt — and losing out on tax advantages — the right move? Will food shortages REALLY hit the U.S. as hard as the rest of the world? And how prepared are Americans for a potential, coming recession? Financial expert Carol Roth, author of ‘The War On Small Business,’ gives her advice for all YOUR questions about economic instability…

Transcript

Below is a rush transcript that may contain errors

GLENN: I'm concerned that small business can't continue in a country where we are teaching our kids to be risk-averse.

CAROL: It's certainly very difficult, or you get the type of entrepreneurs, who are delusional. Who think it's easy. We all know who David Hogg is, I believe. And he was complaining on Twitter the other day, how difficult it was. He tried to set up an LLC. And so difficult. Right as the government makes it so hard.

GLENN: All right. Really, welcome to the party, David.

CAROL: I know. So in a sense, it's almost a good thing. It's almost like we should have a training program, for anybody who is leaning towards socialism. Is required to start a small business. Just so they can see how difficult it is.

GLENN: Yeah.

CAROL: But, certainly, an aversion to risk. You know, more consolidation of power, that takes away the opportunity to innovate. And all the barriers, that the government has put up, to make it more difficult, to not only start a small business. But to hire your first employee. And to allow a small business owner to succeed.

You know, it's not a good thing for economic freedom, which is one of the reasons why people come here from all over the world, to try to start that business. And live the American dream.

GLENN: So when the fed is raising the interest rates, to try to control inflation, the reason why this led to an economic boom in the '80s, is because at the same time, the government said, forget all this regulation. Just go out and start a business. Right?

Without that part of the Reagan plan, raising interest rates, while piling new regulation on. That's really a killer, isn't it?

CAROL: Yeah. If you think about the fed's options here, and what they're trying to do, in terms of slowing down the economy. Giving the backdrop we have, of this messed up labor market, and supply chain. I mean, the only way you're really getting a slower economy, in my opinion, is if small businesses and to some extent, big businesses. You know, just stop hiring altogether. And I think the small businesses, since they've had a hard time hiring, can't survive. Or other things that may get very difficult for a small business to survive.

So the well-capitalized big businesses are going to be able to withstand this rollercoaster, which benefited them on the front end. And they will coast through. You know, come out the other end, okay. And the small businesses that have been beaten up, have been closed. Didn't get the relief funds. And haven't been able to take advantage of that free debt. Because they're smaller in scale. Are really the ones that are going to suffer from all of this. Once again, Glenn. Once again.

GLENN: Yeah. So if I read this one more time, I keep reading, that the economy is -- people are spending money, like there's no tomorrow.

Because the average American just has so much money in their bank account.

I -- I know that's not true. Common sense will tell you, that's not true.

Can you please put this to bed?

CAROL: So the average, and we've talked about before, average is not necessarily the median. It's often dragged up by the wealthy, at the top end.

But the average American is in better shape, going into this potential recession or stagflation. Or whatever it is, that we're about to face, and kind of in the middle of.

Than they have been in other recessions. The personal saving rates, is around, I think 6.2. 6.3 percent. As of the end of March, which was the last number that came out.

Now, that is worse than where we were, in 2019 and 2020, going in, you know, to the pandemic decisions.

But it's not through horrible, on a historic level.

We had people pay down a lot of their credit card debt. You know, with the relief funds. And what not, that they were staying home in the pandemic. Now, that started to creep back up again.

So today, they are in better shape. But the trajectory, particularly with the inflation as we know, is eating away at that.

So I would imagine that the personal saving rate will continue to decline. We will continue to see balances increase on their credit cards, and at some points, the consumer won't have that strength, in their balance sheet, and probably will also be making decisions to just punt certain expenditures, because their poor expenditures of living every single day, have gone through the roof.

GLENN: So we have some questions come in from the audience, and I want to go over a couple of them. Steve and Mary wrote in. You find write in, by the way, GlennBeck.com/question.

I keep hearing about food shortages. Some say that famine is come. My wife and I keep arguing, back and forth. She says, this is really the rest of the world. And not us.

Yes. Food will be more expensive because of inflation, but we won't have shortages. Which one of us is right?

GLENN: Probably splitting that down the middle. Certainly there is again or some crisis across the globe. We've heard that clip that you played from the fantastic Samantha Power, who doesn't seem to care. That potentially 40 to 65 percent of the world could be food and secure, or face starvation. Because we don't have enough fertilizer.

Certainly, we are in a better position, in the United States. But it depends on things going the right way.

I mean, we've seen that we've had a bout of avian flu, that we had to contend with. You know, it depends on crop yields. It depends on our government, not just doing stupid things, and we're seeing them pulling -- you know, feed out of -- you know, of the farm, in order to put it into gasoline, so that they don't have to drill for more oil.

I mean, they don't make the best decisions.

So I wouldn't say, that there isn't a possibility, that we're going to have issues here. Because I think there is that possibility. It just probably isn't as stark, as it is, in the rest of the world.

That being said, nobody has ever been upset for being too prepared. So be prepared for that. Worst-case scenario.

GLENN: Ron in New York wrote.

I think my job is secure.

But so did my grandfather. Or my great grandfather during the Great Depression. How do we know what's coming?

What's the difference? And how do we prepare?

Is it smart for me to buy a house at this point?

CAROL: So, again, this is not financial advice. Just some food for thought for you. It really depends on your personal, financial situation.

You know, if you were somebody who is still sort of living paycheck to paycheck, or building up your reserves. We don't know, what is coming down the pike.

You know, there are a lot of issues. The big thing right now, geopolitically is, you know, are these stupid statements from the Biden administration going to pull us into some sort of a nuclear war. At that point, you know, all bets are off.

If we're just looking at sort of the inflation picture, and the recession, I think the one benefit that we do have is that we have so few people in the labor market. Now, granted, it may get many people off the sidelines, if they see their 401(k)s shrinking, and have to deal with more inflation. But if you have a job, that you're secure in. You are probably in a better position, but it's always good, to kind of think through, what are your second and third options. What could you do, if that worst-case scenario comes about?

And, again, look at the sort of risk/reward, on the home front situation. We're underbuilt, as a nation, in terms of homes. And that is long-term probably going to support housing prices. But it doesn't mean that there won't be some variability in the meantime, especially with the increase, in mortgage rates.

So I would just spend a lot of time, doing the little pros and cons and putting that plan together. For your plan B and plan C. And wish you a ton of success.

GLENN: I remember my parents, again, the small business.

In the '70s. It was a nightmare. Because it was a lot like this. What are you -- what do you think is coming?

Is it like the 1970s? And it just stays like this? I mean, nobody knows, you know what I mean?

Americans have no benchmark.

CAROL: Certainty?

GLENN: Yeah. Yeah. But no benchmark to go back and go, it will be like this. We've never seen this.

CAROL: No. There are just a number of factors, that are all coming together. And as I said, I think that geopolitical wild card is the -- is the biggest wild card right now. Assuming that we can get that peace under control. Because as I said, if that goes off the rails, all bets are off here. I think the likelihood is that we see a recession, but because of the way, the recession has come out. And some of the opener weird things that are happening in the economy. I think at least, in the United States.

It's probably a shallower recession. Than we have seen, you know, in previous periods.

Not to say, that that won't cause real pain for people. It will. There will be people, probably who lose their jobs. Small businesses will end up closing.

But I don't think -- I think that it will be shorter in duration, you know, than it otherwise would have been if we didn't have some of these other structural issues going on at the same time.

Fingers crossed. But, you know, there are a number of factors here, the fed between raising rates, and shrinking their balance sheets. The geopolitical issues. And some of the issues that we're contending with. That's just sort of a best guess right now. But we have to stay on top of this realtime. Because things could change quickly.

RADIO

This Russian nuke warning is HORRIFIC… for an UNEXPECTED reason

Glenn Beck reviews a video of Aleksandr Dugin, known as “Putin’s brain,” warning that nuclear war is inevitable. But this warning from Russia is absolutely terrifying for another reason: it’s NOT REAL …

THE GLENN BECK PODCAST

Operation Fast and Furious: The TRUE Story of How the Feds were Running Guns into Mexico

The Border Crisis has been ongoing for years, and one of the biggest scandals was the ATF “gunwalking” scandal known as Operation Fast and Furious which occurred during when Barack Obama was President. Glenn Beck talks with John Dodson, the whistleblower who revealed the scandal to get the facts about what happened and why it was a flawed operation from its inception.
Watch the FULL Interview HERE

VIDEOS

Glenn Beck & Piers Morgan REACT to Trump's Iran Strike & What Comes Next

Glenn Beck joins Piers Morgan to react to President Trump's decision to strike Iran's Nuclear Facilities and what could come next with the conflict. Is this just the start of a larger conflict involving Iran, Israel and the United States, or will this move by Trump put at least a temporary end to the brewing tensions?

RADIO

Meet the pro-Intifada candidate NYC Democrats just elected

New York City Democrats just elected 33-year-old Zohran Mamdani, a "socialist Muslim", as the Party's candidate for mayor. But Glenn Beck argues that his radical beliefs are actually communist and Islamist.

Transcript

Below is a rush transcript that may contain errors

VOICE: Z10852. Something weird is going on. The World Trade Center is on fire.

VOICE: Seriously the top of the building. We're trying to get information.

VOICE: Top level of one of the --

VOICE: To unfold from New York City.

VOICE: A plane crashed just --

VOICE: My sister is in that believe. I hope she's okay. I have to come to New York.

VOICE: It's pandemonium.

VOICE: It's raining papers.

VOICE: Wait a minute! Stop just a second. Why are we -- why are we -- I've got breaking news. Breaking news, yesterday. New York City just elected as their mayoral candidate for the left. And the Democrats, a -- a Muslim radical, who is also a communist!

So, you know, it only took you 25 years. It only took you 25 years, New York, to go completely insane.

Somebody who is -- well, I mean, if I might quote Michael malice today. I am old enough to remember when New Yorkers endured 9/11 instead of voting for it.

But you've got a -- you've got a communist jihadist apologist now.

Who was -- you know, well, CAIR put $100,000 behind his bid for New York City mayor.

So you have somebody who is endorsed by CAIR. That's really good.

He also was somebody who said, you know, he was -- he was for the shooting of the United Health Care CEO.

Said he was looking forward to driving down magnum Joan avenue. I don't know. Sounds like supporting people in the streets. Maybe it's just me.

Then he also said that he was going to globalize the intifada, which I think that's -- maybe -- maybe that's just me.

I mean, what do I know?

Tim Miller who is a podcaster. Asked him a few weeks ago. Asked him about his pro Palestinian slogan. Globalized the intifada. And he said, for me, ultimately, what I hear in so many, is a desperate desire for equality and equal rights, in standing up for Palistinian human rights. Oh, is that what you hear, Mr. CAIR?

Really? Huh, that's interesting.

Right. So globalize the intifada.

I mean, I mean, sure, that's -- I mean well, let me go on.

Because I don't want to take him out of context.

He then delved into the semantics of the intifada, citing the United States Holocaust memorial museum's use of a word for a translation for uprising, in an Arabic version of an article, a museum published about the Warsaw ghetto.

Oh!

So this is just a comparison, about the -- the armed rebellion against the Nazis!

I don't know if that makes me feel better!

I mean, if we're globalizing that.

We're the Nazis in this scenario.

Because I don't think it's the Palestinians.

I certainly don't think it's anybody who is like, hey.

Global jihad. I don't think it's those guys.

Or the Nazis. Who are the Nazis in that?

And it seems, if that's what you mean, then it's not just a harmless kind of slogan about human rights. It is a call for violence on the streets.

Because I don't know if you know, that's what happened when the Jews had their uprising against the Nazis.

I'm just saying!

But, hey, hey, free Palestine.

Oh, that's not what that means, gang. That is not what that means, but don't worry about it. He's just going to be possibly the new mayor.

And that's great. By the way, the Columbia faculty members signed a letter defending Hamas.

They were also among the donors to his mayoral campaign.

So, you know, you don't have anything to worry about.

And his father, who used to work at Columbia. Do you know, Stu?

Is his Dad -- is he still a professor at Columbia University?

He said that -- this violent terror thing of Islam, is not a part of Islam. Now, I've read the Koran, and much of the hadith.

And I'm pretty sure the violence is a part of that. But no.

No. This is something entirely new.

And his father while at Columbia university, wanted everybody to know, that this is actually -- this is something that came out of America!

America is really responsible for this.

And, you know, it really started with the Reagan administration, you know, when he started -- when he started with his very religious terms, to finish the war against the evil empire.

So, you know, that's where -- that's where 9/11 came from.

Is what -- don't worry about it! Don't worry about it!

Because who am I? I'm clearly just -- am I an anti-Semite today, or am I an Islamophobic? I can't remember which one.

Oh, it's probably both. Anyway, Islamophobia. Let me just explain Islamophobia. I haven't even gotten to the Communist part of it. Which is really, really -- New York, you're in one for hell of a ride. Buckle up.

It will be a fun rollercoaster for you. My gosh, I've never been happier that I've been away are if New York.

Anyway, I just want I to know, there is Islam. And then there is Islamists. Now, an Islamist is somebody who really wants Sharia law.

That's political Islam!

That's not a faith. That's political Islam.

Now, let me make really -- something really clear. Criticizing Islamism, is not Islamophobia. Pointing out the dangers of, oh. I don't know.

Political Islam. The ideology that seeks to use the tools of democracy, ultimately to destroy democracy, is not an attack on Muslims.

No. Uh-uh.

You know why?

Because Muslims are often the first people in line.

The first victims of the ideology.

So let's draw a bright, bright line between Islam as a faith, millions of people can practice that faithfully and peacefully.

It's mostly peaceful, okay?

Then there's the Islamism.

Islamism is something entirely -- that's a political project.

A theocratic political -- oh. Left loves theocracies. They love it.

Of course, you never see a problem with it.

See it when an Islamist is touting it. Anyway, it's not about prayer. It's not about fasting. It's not about spiritual life.

It's all about power. It's about merging of mosque and state. It's about implementing Sharia, not as a personal code of conduct. But as a governing legal system.

And it's -- it's supremacy.

Absolutely. Faith.

Religion.

It's -- there's one thing that's supreme.

It's misogynistic.

Deeply intolerant of all kinds of things.

Descent. Secularism. Other faiths. Even competing interpretations from inside the faith itself.

It will behead them too.

So let's -- let's be honest here for a second.

You know, CAIR should be labeled an international terror organization.

In my opinion. In my opinion.

Oh, does that make me -- that makes me an Islamophobe. I'm sure. I'm sure they will start a campaign against me on being an Islamophobe.

Stand in line, guys. You've been doing it since 2001, okay?

I don't really care. And I don't think the American people. I think that record, all the grooves are worn-out on that one, okay?

This is not a religion we're talking about. When we're talking about Sharia law. And we're talking about globalize the intifada. What does that mean, actually, to globalize it?

Does that mean we now want to do what is happening to Israel? All over the world?

Has the Palestinian plight become our plight you now, as Americans?

That there has to be an intifada here!

Because it's the kind of the same. You know. It's kind of the same over, you know, with what the Palestinians are going through.

Well, it's very much like what the Jews went through with the Nazis.

That's a weird one. That one makes my head hurt. It's very much the same as that. And very much the same as the fight against Donald Trump.

Oh, this is going to be fun. It's fun!

Really fun. You know, the irony here is, the ones that will scream Islamophobia the most, are the ones in the progressive left, the champions of feminism, LGBTQ rights. And secularism.

They're going to -- no. You want -- they're going to stand with the people, who want to kill them first.

See, this is how smart they are!

This is why it's going to work out well, in New York City.

Let me just say. If you have an ounce of common sense, you run a business, you have an ounce of wealth. And I don't mean wealth like, you know, hey, Lovey.

Let's get on the boat for a three-hour tour with a suitcase full of cash. I mean you saved anything, anything, get the hell out of New York City.

I mean, this is about survival. This is about free speech. This is about women's rights.
Religious pluralism. Secular legal systems. Liberal democracy.

But it's also about failed principles of Communism. Okay?

First, you have to call out political Islam for what it is. Okay?

And we have to do it with the clarity that we call out white nationalism.

Got to do it with that. Got to -- you know, the Klan. Really bad people.

Really bad people.

Anybody who is shouting for globalized intifada?

Pretty bad. Pretty bad people.

Okay?

Now, let's get to communism.

Because that's another cool, cool angle of the new Democratic candidate for -- for mayor of New York City.

That I just -- I think is cuddly and cute. Sure, it led to 100 million deaths. But this time, New York is going to be radically different. Oh, did I use the word radical?

I didn't mean to use that. What's radical about this guy?

Nothing. He's just like you!

Well, not exactly.

But let's talk about communism, next!

Now, the new mayoral candidate that's running there in New York City. That so many young people rushed to defend and vote for. He's promising free buses.

That's going to work out.

Where are you going to get the money for free buses.

It's free!

City-run grocery stores.

Oh, rent freezes. And finally somebody has done it. A 30-dollar minimum wage.

So under the banner of equity. And, you know, we will tax the wealthy. And the corporations. You know, we're going to squeeze another $10 billion out of them.

Really?

Because they're going to call a U-Haul.

You know, they will call something like U-Haul. There will be a lot of -- there will be a lot of movers that are like, how do I get the truck back from Texas or Florida back up to New York? Nobody is moving up there.

But he's going to do it.

Now, his vision isn't really new. You know, just -- just tax people, so we could have city-run grocery stores. You know, I remember -- I'm old enough to remember those city-run grocery stores in Moscow.

They were great.

The shelves were empty.

But that's just Moscow.

It worked out completely different in Venezuela.

Where, oh, no.

It didn't. That's right. The grocery store.

They were eating the zoo animals.

But it will be different in New York.

Because they have rent controls too.

And that will just choke the housing supply, but don't worry. As a young family.

You know, you voted for it.

You know better.

It will work this time.

So, you know, I like building ideas, I just don't like usually building on the graves of 100 million people.

But, you know, why not? Why not?

You know, use this dogma.

And this time, it will be different. It's not like it was in China. Where the great leap forward, was a gross -- a gross parody of progress. Venezuela, which was oil rich. One of the richest nations in the hemisphere now sees 90 percent of its population in poverty!

Yeah. Darn it. You know what they did?

They decided to take state control of things.

You know, like grocery stores. And it worked out well. How is that free busing working out in Venezuela?

I just want to -- I just want to know.

Anyway, then you've got the globalize the intifada. Which is going to drop a little violence in, and anti-Semitism in with your communism.

Which is weird!

Because violence and anti-Semitism, always happen. When it -- when it comes to -- when it comes to communism.

This is weird!

I've got to play something for you. Because this has talked about on me earlier this morning.

Oh, wow.

Wait a minute. This is -- this is the whole coalition coming together here.

So this is going to be good. New York, this is going to be great.

It's going to be great for you.

No. He's going to uplift you. Then the social fabric of New York City is just going to be -- just one.

It's going to be fantastic. Don't worry about your 120 billion dollars in debt. Or your 10 billion-dollar deficit that you have right now.

You are going to charge the rich more taxes, and they will stay right there.

They will be like, you know what, that 46 percent in taxes that I'm paying, this is just not enough. It's just not enough.

I need to pay 60 or 70 percent to be able to pay my fair share. So that's good. That's good. That's good.

You know, they're not risking 100 million people. It's just 8 million people.

This time, it's just 8 million people.

But, hey. For those of you in upstate New York. That aren't going to be part of this experiment.

Don't worry, you get to pay for it. Because they'll kick it up to the state. The state will have to subsidize everything. And don't you love it?

Really, don't you want to subsidize the really crazy ideas of New York City?

I mean, why don't you have a -- why don't you have a democratic socialist. A/k/a communist mayor.

Why haven't you done that? Are you not progressive enough? Are you not looking into the future?

Are you stuck in the past?

I don't know. I don't know. The graveyard is pretty big. I have a hard time getting past that one. You know, yeah, so I'm stuck in the past. Because I can't seem to pass that graveyard, and get to be down the path with you. But it's going to be a paradise.

Forget arithmetic. You know, or human nature. This time, it's going to work. It's going to work. So all right!

Wish I lived in this morning.

No wait. Nope. I don't. Nope, I don't.

And Ted Cruz, stop it. Stop writing, hey, come to Texas. No. No. Don't come to Texas. Don't come to Florida. Go to California. It's beautiful this time of year. Go there. Go there.